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PSP Capital issues US$700 million of medium term notes

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TD Securities and RBC Capital Markets

On December 3, 2010, PSP Capital Inc. (PSP Capital), a wholly-owned subsidiary of the Public Sector Pension Investment Board (PSP Investments), issued $700 million principal amount of 2.94% Notes, Series 2, due December 3, 2015. The Notes are unconditionally and irrevocably guaranteed by PSP Investments as to the payment of the principal and interest, and have been assigned a rating of AAA by DBRS and AAA by Standard & Poors'. PSP Investments manages the net contributions received after April 1, 2000 from the pension plans of the federal Public Service, Canadian Forces, Royal Canadian Mounted Police and net contributions received after March 1, 2007 from the pension plan of the Reserve Force. PSP Capital was set up in response to PSP Investments' objective to seek financing alternatives in order to optimize its leverage in its private market portfolios. Net proceeds from the issuance of Notes will be used primarily to repay existing short term indebtedness under PSP Capital's commercial paper program. A syndicate of dealers co-led by TD Securities and RBC Capital Markets and also comprised of BMO Capital Markets, CIBC, Scotia Capital, Casgrain & Company and Laurentian Bank Securities acted as agents with respect to the offering, which was completed on a private placement basis. Fasken Martineau acted as legal counsel to the syndicate of dealers with a team that included Gilles Leclerc, Jean Michel Lapierre and Jean-François Séguin.



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